US Bitcoin ETFs See $1.2 Billion Outflow in Longest Streak

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US Bitcoin ETFs See $1.2 Billion Outflow in Longest Streak 2024. US Bitcoin ETFs Witness Longest Streak of $1.2 Billion Outflow September saw a 7% decline in the price of bitcoin, but it experienced a small recovery and reached $54,870 by Monday afternoon in Singapore.

Since their inception at the start of the year, US Bitcoin exchange-traded funds (ETFs) have had the longest run of daily net outflows. Through September 6, investors pulled out of these 12 ETFs for a total of over $1.2 billion in eight days.

Bloomberg data indicates that concerns about economic performance indicators, such as China’s deflation and mixed US employment numbers, are what sparked the exodus. The turmoil has had an impact on the cryptocurrency market, just like it has on global markets and commodities.

Nevertheless, September has not been kind to Bitcoin as the virtual money has dropped by about 7%. However, it managed to make a little comeback over the weekend, and as of Monday afternoon in Singapore, it was trading at roughly $54,870.

Director of trading at Arbelos Markets Sean McNulty suggested that some celebrities caving in on their short bets may have contributed to the recent modest rebound in Bitcoin prices. For example, BitMEX co-founder Arthur Hayes recently shared his thoughts on the market on social media.

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Market mood may also be being helped by Donald Trump’s increasingly assertive position in the US presidential contest. Before Trump and Vice President Kamala Harris debate, the community is bracing itself for possible volatility. Harris has not yet revealed her stance on cryptocurrency.

It was anticipated that the US Bitcoin ETFs, which began trading in January, would push the cryptocurrency to unprecedented heights, and in fact, in March it reached a record high of $73,798. Since then, there has been a slowdown in demand, and Bitcoin has appreciated by about 30% year to date.

The protracted withdrawals from US Bitcoin ETFs demonstrate how investor anxiety over economic volatility is rising. This pattern demonstrates how the cryptocurrency industry is becoming more and more affected by uncertainties in the global markets.

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